This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
As we round out August in the COMEX, gold delivery was strong and silver was dominated by the odd mechanizations of Bank of America.
Gold saw the largest delivery volume in 2022 with 33,593 contracts delivered so far and 244 remaining in open interest. Since 2020, only December and February last year recorded larger volumes.
Over the last several months, you may have noticed a new series of articles with a data-driven focus here at SchiffGold. In this Metal Exchange interview, host Mike Maharrey talks to the man behind those posts.
Mike and Tony dig into the ins and outs of technical, data-driven analysis and how it can expand our understanding of the gold and silver markets.
Gold and silver deliveries on the Comex have surged since March 2020. While delivery volume in 2021 and 2022 are below the massive amount seen in 2020, overall volume is very elevated compared to pre-Covid levels.
Delivery volume in the July gold contract got off to the weakest start in years, but then had a major mid-month rally, turning it into one of the strongest minor months in recent history. Over the last 15 months, it only trailed the blow-out month of March. Momentum has continued in the August contract.
Gold started July delivery activity as the weakest minor month since 2019. This showed a general lack of interest in the market. Considering the activity since then, it’s possible this was a signal of capitulation.
Since the start of the delivery month, activity in the July gold contract has exploded.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
Both silver and gold had their weakest COMEX delivery months in several years.
Gold started July delivery with 937 contracts outstanding. This is the lowest level since November of last year and the second-lowest since the start of Covid (see figure 2).
This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail.
The Comex has signaled weakness in the silver market but has been some activity bubbling under the surface. What’s really going on with silver?
